The market is not performing well as we head into the midday. Sellers continue to outpace buyers, despite the numerous analyst upgrades we reported this morning. Let's zero in on the action.
are all trading nicely to the upside.
Dicks Sporting Goods
are managing to hold on to early gains.
( SNDA): Holding up well on this weak market tape.
BJ's Wholesale Club
Bank of NY/Mellon
are getting hit on this morning's Wall Street downgrades.
: Prices are lower and that is dragging oil-related plays like
down as well.
: Rails are down with
Burlington Northern Sante Fe
( BNI) leading the way lower.
High-Beta Financial plays
are performing poorly today.
are leading the way lower.
are not showing any signs of recent leadership.
Other Well-Known Poor Performers
American International Group's
reverse split last week was a big win for short-sellers to reload at higher prices.
has broken below $40.
Green Mountain Coffee Roasters
are trading lower.
is threatening to break below $400, while
is showing some weakness again.
prices are lower again today, as Monday's afternoon rally gains have evaporated so far today.
is trading flat today, while
are starting to see some buyers. The market is not getting much help from transport plays.
I am continuing to watch
for evidence the packaged-goods play is going to be the gauge to watch. Financials are fairly flat to slightly down. We have not seen any noticeable strength in that sector for a while as well.
Commodity stocks that appear to be getting some help this morning from some Wall Street calls as names like
are close to breaking down. Not seeing as much buying in the consumer/non-cyclical plays as we have been. I'm watching this very closely.
I would take a look at the ultrashort plays as we head into the afternoon session for a long play. My favorite three plays are the DUG, SKF, and SRS. I would keep the positions manageable and be prepared to hold if it appears that the plays will close near the highs of the day. As always, use proper stop-loss orders to protect any profits and minimize losses.
At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.
Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.